Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $373,716
- Funds due
- $387,291
- Interest + MI left
- $153,272
- First ends
- Nov 2052
Assumption
Assumption + second
$3,969/mo
+$2,271/mo- Down payment
- $56,716
- Funds due
- $72,146
- Interest + MI left
- $653,842
- First ends
- Nov 2052
New loan
New conventional
$4,128/mo
+$2,430/mo- Down payment
- $56,716
- Funds due
- $68,641
- Interest + MI left
- $740,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,284 | $189,284 | $506,284 |
| Second mortgage | — | $317,000 | — |
| First P&I | $1,101.47 | $1,101.47 | $3,429.74 |
| Second P&I | — | $2,271.03 | — |
| Mortgage insurance | — | — | $101.26 |
| Taxes, insurance & HOA | $596.83 | $596.83 | $596.83 |
| Total housing payment | $1,698.30 | $3,969.33 | $4,127.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,716
Closing costs & prepaids$15,430
Usable credit−$0
Total buyer cash needed$72,146
Earnest money paid−$0
Remaining funds due$72,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$946.42
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$675.50
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$239.43
Prepaid interest, second (9 days)$605.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 11 moOf the original 30-year loan at 5.13%
Interest already paid$41,075Through Dec 2026
Assumption only · ends Nov 2052$153,272
Assumption + second · ends Nov 2052, second Jan 2057$653,842
New conventional · ends Jan 2057$740,271